The company said it will return this cash to holders through a
combination of dividends and share repurchases, representing a
10% to 20% increase over the cash amount returned to holders
between 2011 and 2013.

In addition to its capital return plans, McDonald's also said it
will refranchise 1,500 restaurants by the end of 2016.
Refranchising is the process of selling company-owned restaurants
to franchisees.

McDonald's shares are down about 1% just after the market open.

The company is set to release May sales on June 9.

Here's the full text of McDonald's plans:

During an investor conference presentation today, McDonald's
Corporation President and Chief Executive
Officer Don
Thompson announced an intensified commitment to the
Company's customer-focused strategic framework – the Plan to Win
– and other actions to enhance long-term shareholder value.

"The Plan to Win along with our competitive advantages, System
alignment and financial discipline has served as our strategic
roadmap, guiding the execution of our global growth priorities,"
said Don Thompson.
"Today, the Plan to Win has evolved as we reenergize the
McDonald's System by placing the customer at the center of
everything we do. We are pursuing targeted growth
opportunities to provide our customers with their favorite food
and drink, create memorable experiences, offer unparalleled
convenience and become an even more trusted brand to deliver the
most meaningful impact for our customers and our business."

In addition, the Company announced plans to optimize its capital
and ownership structures and scrutinize G&A spending.
Specifically, the Company expects to:

Return $18 to $20 billion to shareholders between
2014 and 2016 through a combination of dividends and share
repurchases, representing a 10% to 20% increase over the amount
of cash returned between 2011 and 2013;

Refranchise at least 1,500
restaurants by the end of 2016, primarily in Asia/Pacific, Middle East and Africa (APMEA) and Europe, reflecting a more than 50% increase
in refranchising activity compared with the prior three-year
period; and

Analyze G&A spending with the
primary intent of reallocating resources to higher return
initiatives and growth areas, including development of the
Company's global digital capabilities.

"The actions we are taking to enhance long-term shareholder value
fit squarely within our proven business model," said Senior
Executive Vice President and Chief Financial
Officer Pete Bensen. "Our
3-year cash return target is based on several activities
including the significant free cash flow generated from our
operations, as well as the use of cash proceeds from our debt
additions and refranchising activity. Financial discipline
has always been a cornerstone of McDonald's strategic plan, and
we will pursue these activities while maintaining appropriate
levels of financial flexibility, liquidity and access to capital
for the Company and the System. Our commitment to this
discipline continues to fortify our long-standing financial
strength and our ability to deliver sustained profitable
growth."

Don Thompson concluded, "We
are committed to continuous improvement in everything we do –
from the food we serve, to our engagement with our customers, to
the management of our financial resources. Guided by our
evolved customer-focused priorities, the McDonald's System is
determined to create experiences that our customers notice and
appreciate so they reward us with their business and loyalty."